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Hourly rate needed to rent a 1-bedroom apartment: $31.79 Actual affordable rent for minimum wage earners: $377 Discover More: The Salary Needed To Afford America’s 50 Biggest Cities
The state's minimum wage is $8.75, so minimum-wage workers must work 84 hours a week to afford a two-bedroom apartment. California has the highest housing wage, at $47.38 per hour needed for a two ...
A common rule of thumb is to spend less than 30% of your salary on housing costs. The U.S. Department of Housing and Urban Development considers anyone spending more than 30% "cost burdened ...
Alaska. Minimum hourly wage: $10.19 Annual income on the minimum wage: $21,195.20 Monthly rent one person can afford on minimum wage: $457.27 Average studio rent: $911 Average one-bedroom rent ...
Work hours per renter per week at minimum wage to afford rent: 43. 8. Cincinnati, Ohio. Median asking rent: $1,365. Minimum wage 2024: $10.45. Work hours per renter per week at minimum wage to ...
GOBankingRates then used the 50/30/20 rule to determine the minimum salary needed to “afford” 2-bedroom rent in every state. All data was collected and up to date as of June 24, 2024.
Limiting your housing costs to 30% of your income is a longtime financial guideline, but it's well out of reach for many Americans. The high cost of rent is one of the biggest reasons. If you're...
The average annual wage in the state is $56,970, so a person making that would fall $25,510 short of being able to comfortably afford rent costs. New Jersey is challenging to homeowners, too ? it ...